Robotic Process Automation use cases for 5 industries

Exploring the Transformative Impact of Data Analytics on the Banking Industry

automation in banking industry

With many new fin-techs emerging lately as an alternative to traditional banking, banks need to reestablish their operations, processes and adopt new approaches if they want to stay competitive on the market. A great example of workflow automation implementation is Italian bank Banca Popolare di Sondrio. Moved by a need to quickly launch new customer services and keep control costs under, Banca Popolare di Sondrio invested in automation. Thanks to that, the organization managed to decrease the average transaction handle time from 1 hour to 10 minutes. With flawless processes in place, the quality of customer service took off, followed by time and cost savings. Within the three coming years, Banca Popolare di Sondrio expects cutting costs in 40% of development and testing phases through intensified productivity and increased efficiency.

automation in banking industry

If one is to compare the services that banks provided 15 to 20 years ago with the present day offerings, one will be amazed by the changing landscape in the financial services environment. The banking industry has rapidly changed and invested in its customer experience cx process. Using a virtual workforce, banks can substantially reduce the time taken to investigate transactions. Virtual workers have the capacity to collate the various pieces of required information at machine speed, meaning analysts can focus on value-adding activity and, ultimately, process many more transactions. Given that virtual workers work 24 hours a day and up to five times quicker than a traditional worker, we estimate 15-fold productivity gains in this area. Data scientists typically spend about 25 percent of their time deploying models—time that could otherwise be spent understanding use cases and building models.

– How can banks use AI, data, and automation to improve the customer experience, and what benefits will this bring?

Numerous manual operations that can be time-consuming and expensive can be automated by artificial intelligence, making the overall company process more efficient and less costly. The deployment of artificial intelligence has reportedly decreased operating costs for more than a third (37%) of financial services companies, and 34% more believe that artificial intelligence will eventually lower their cost base. Because the processes involve more figures and critical data, any errors could be disastrous. So, banks can use robotic process automation to automate all of these plain, rule-based, or recurring back-end duties.

automation in banking industry

To this end, when considering the technologies an organization uses to bring about the future, executives must first question how it affects their staff and consequently, their image. Teller Cash Recyclers, assisted service and back office solutions that automate transactions to brings staff out from behind the counter to focus on higher value customer activities. EvoluteIQ’s RPA experts are seasoned veterans of business process administration who can assist you in implementing our comprehensive RPA and hyperautomation solution. Talk to us today to request a custom made proof of concept that addresses your unique business requirement. It’s also vital to have the right people and partners in place to support the bank as they adopt this new technology (and way of working).

More Solutions by Industry

At the start of July, Google retired its classic Universal Analytics, bringing to an end the reporting tool digital marketeers relied on for over 10 years. In an era dominated by digital experiences and disruptions, it’s perhaps no surprise that Generation Z is a force to be reckoned with in the retail landscape. On this note, it might be worth considering both the softer, and financial benefits automation could bring to your business.

automation in banking industry

For instance, though loan applications can be processed online, supplementary documents and other pieces of information still require manual intervention. Barely a day goes by without the launch of a new report extolling the potential benefits of artificial intelligence (AI) and automation in the financial services industry. These reports automation in banking industry often refer to the potential for cost reduction, increased operational efficiency, improved customer experience and, ultimately, bottom-line growth. Added to the potential of the first generation of RPA deployments, there are an emerging set of new technologies that combine process redesign with automation and machine learning.

How automation can enhance police forces’ decision-making

Managing risk is among the most crucial elements, particularly in the banking industry. RPA can help companies cut errors, stay in compliance with the required regulations, and enable them to make sound choices. To summarise, banks that want to use automation successfully need to know what they want to achieve from automating a process.

The fact that fintech app use rose by 72% during the coronavirus pandemic only justifies their faith in the future, and willingness to invest. A 2011 study carried out by Capgemini Consulting showed banks globally set aside nearly $13bn for investments in digital channels in 2011 alone. And a Accenture report in 2019 revealed $1 trillion had been spent by commercial and retail banks globally between 2015 and 2018.

Don’t get out-competed by other banks

Prior to joining Blue Prism, he led the global automation programme at HSBC and established robotic process automation (RPA) as a core capability for the Bank of Ireland. This includes work programmes on cloud, data protection, data analytics, AI, digital ethics, Digital Identity and Internet of Things as well as emerging and transformative technologies and innovation policy. She has been recognised as one of the most influential people in UK tech by Computer Weekly’s UKtech50 Longlist and in 2021 was inducted into the Computer Weekly Most Influential Women in UK Tech Hall of Fame. A key influencer in driving forward the data agenda in the UK Sue is co-chair of the UK government’s National Data Strategy Forum. As well as being recognised in the UK’s Big Data 100 and the Global Top 100 Data Visionaries for 2020 Sue has also been shortlisted for the Milton Keynes Women Leaders Awards and was a judge for the Loebner Prize in AI. In addition to being a regular industry speaker on issues including AI ethics, data protection and cyber security, Sue was recently a judge for the UK Tech 50 and is a regular judge of the annual UK Cloud Awards.

Can AI replace banking?

While these technologies will not replace the role of corporate bankers altogether, they will help bankers be more efficient and effective in their roles.

These chatbots can analyze customer behavior patterns, transaction history, account activity, and other details to identify any suspicious activities promptly. If any unusual transactions are detected, the chatbot can alert the customer, or the authority and guide them through the necessary steps to secure their account. This proactive approach to security helps protect both the customers and the bank from financial losses. Automating these tasks can lead to improved operational efficiency, and reduced costs, and offer human resources to focus on more complex and value-added activities.

In recent years, intelligent automation – the pairing of robotics and other technologies to handle repetitive tasks, support colleagues and simplify the customer experience – has transformed the financial services industry for the better. Leverage data in key decisions and interactions that will transform customer experience into the age of the smart digital environment, all of these due to a very user-friendly banking software solution. According to the survey, financial services professionals have witnessed a significant 20% reduction in the total cost of ownership by leveraging AI, particularly in the context of AI for banking. By adopting AI-driven compliance solutions, banks can automate labour-intensive tasks, leading to improved accuracy and efficiency in regulatory reporting while minimising operational costs.

AI Platform Lending Market revenue to reach USD 90 Billion by … – GlobeNewswire

AI Platform Lending Market revenue to reach USD 90 Billion by ….

Posted: Tue, 19 Sep 2023 10:14:13 GMT [source]

Union Bank of Nigeria has recently joined the trend and this might just act as an inspiration to other banks in Africa. Marketing automation software helps banks build a unique and long-lasting relationship with each customer. With the 360-degree customer view, banks gain insights to evaluate opportunities and increase customer experience. By employing a virtual workforce, insurers can significantly increase the number of claims they are able to process, while also identifying fraud at a much more granular level. Virtual workers are able to extract information from claimant documents and compare this data with previously submitted claims.

How to use AI in banking?

Banks could also use AI models to provide customized financial advice, targeted product recommendations, proactive fraud detection and short support wait times. AI can guide customers through onboarding, verifying their identity, setting up accounts and providing guidance on available products.

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